NETHERLANDS - Ingka Group, Ikea's leading retailer, announced a solid performance for fiscal 2023, with revenue growth of 5.4% to EUR 44.3 billion.

Despite economic and pandemic challenges, the company also increased investment in renewable energy by EUR 1 billion, reaching a total commitment of EUR 7.5 billion by 2030.

Ingka Group faced various difficulties but reported total revenues of EUR 44.3 billion in business areas such as Ikea Retail, Ingka Centres and Ingka Investments. Juvencio Maeztu, deputy CEO and CFO, stressed the importance of maintaining affordable prices globally.

In financial terms, Ingka Group recorded Ikea retail sales of EUR 41.7 billion for fiscal 2023, with plans to invest more than EUR 4.5 billion over the next three years in various markets. In addition, the company plans to reinvest 85% of its net profit, which reached EUR 1.5 billion , to fulfill Ikea's vision, with the remaining 15% going as a dividend to the Stichting INGKA Foundation.

The Stichting INGKA Foundation supports the IKEA Foundation, which is focused on addressing poverty and climate change.

Ingka Group has invested almost EUR 4 billion in renewable energy and plans to retrofit 150-200 Ikea stores with renewable heating and cooling systems. Ingka Group's full report for fiscal year 2023, including climate footprint and targets, will be published in January 2024.